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The European Parliament has passed a Resolution that demands that the EU participates constructively in the UN General Assembly process to create a multilateral sovereign debt restructuring framework. The plenary vote on the EP Resolution on Financing ...

This month Eurodad interviewed Richard Kozul-Wright, director of UNCTAD's Globalisation and Development Strategies Division, on the UNCTAD’s new Roadmap and Guide for Sovereign Debt Workouts. Why did the UNCTAD develop this Roadmap and Guide and ...

This is a guest post by Jan Van de Poel, Policy officer with Eurodad member 11.11.11 On Wednesday last week (6 May) all major parties represented in the Belgian federal parliament signed a proposal that will curtail the harmful speculation by vulture ...

This briefing gives an insight into vulture fund behavior, the consequences for developing countries, and lays out proposals for vulture fund legislation in the European Union. Vulture Funds are speculative investment funds that buy up the debt ...

The UN General Assembly has passed a landmark resolution that mandates the UN to create a “multilateral legal framework for sovereign debt restructuring”. Promoted by the G77 countries and triggered by the aggressive vulture funds lawsuits against Argentina, this resolution could be a game changer for the way future debt crises are managed. First and foremost, it has shifted the forum for political debate away from the International Monetary Fund (IMF) towards the UN. However, shamefully the EU’s vote was split over this crucial decision. The path towards a real debt restructuring regime It is certainly not news that the lack of a legal framework for sovereign debt restructuring – a state insolvency regime – has been a gaping hole in the international financial architecture. ...

Legitimacy and impartiality in focus The United Nations Conference on Trade and Development (UNCTAD) is about to deliver a concept for a new debt workout mechanism. The concept has been developed by a multi-stakeholder expert group that has been convened ...

Representatives of the
Global Jubilee Debt Relief Coalition visited the Vatican in Rome last month to
discuss what to do about the global debt crisis. High and surging debt levels
are causing economic and developmental problems once again. This time it’s a
problem affecting every region of the world. The ethical dynamite of the ‘who
owes whom and what and why’ is dividing humanity into creditors and debtors. A
new Jubilee is long overdue.
Breaking the chains of debt
The Bible’s Old
Testament describes a practice from the ancient world that could well be the
world’s first insolvency regime. Every seven years, slaves and prisoners were
to be freed, and debts were to be forgiven. This seventh year is called the
Jubilee. Photo: The Jubilee delegation with Cardinal TurksonThe ...